财通证券：国内和海外有望迎来共振 工程机械行业拐点渐行渐近

Group 1 - The global construction machinery market is nearly a trillion yuan, with a sales figure of $122.3 billion in 2023, indicating vast overseas expansion potential [1] - The North American market is expected to stabilize gradually by 2025, supported by ongoing interest rate cuts by the Federal Reserve and U.S. infrastructure policies, while the European market is also anticipated to stabilize from a low base [1] - Emerging markets in South America, Africa, India, and the Middle East are projected to maintain steady growth, with Southeast Asia expected to recover [1] Group 2 - Domestic demand for construction machinery is showing signs of marginal improvement, with real estate expected to stabilize and infrastructure investment continuing to increase [1] - A new wave of replacement demand is anticipated by 2025, as the industry is expected to experience a peak in equipment updates due to an 8-year usage cycle [1] - Environmental policies and the acceleration of electrification are driving the construction machinery sector, with manufacturers increasing their focus on electric products [1] Group 3 - The trend of machines replacing human labor is becoming more evident, with expanding applications for construction machinery and a continuous recovery in demand for small excavators [2] - The construction machinery industry is poised for a resonant phase both domestically and internationally, with the industry turning a corner [2] - Companies to watch include XCMG, SANY Heavy Industry, and Zoomlion [2]